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Additional Information: Condensed Financial Statements of the Company | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
Additional information: condensed financial statements of the Company |
28. | Additional information: condensed financial statements of the Company
Regulation S-X require condensed financial information as to financial position, statement of cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Company records its investment in its subsidiaries, former VIE and former VIE’s subsidiaries under the equity method of accounting. Such investments are presented on the separate condensed balance sheets of the Company as “Long-term investments”. The subsidiaries did not pay any dividends to the Company for the periods presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures represent supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. The Company did not have significant other commitments, long-term obligations, or guarantees as of December 31, 2022. Condensed statements of comprehensive loss of the parent company
(Amounts expressed in thousands of US$ except for number of |  | Years ended December 31, |
shares and per share data) |  | 2020 |  |  | 2021 |  |  | 2022 |
Operating expenses |  |  | (50,638 | ) |  |  | (10,399 | ) |  |  | (4,289 | )
Loss before income tax |  |  | (50,925 | ) |  |  | (10,266 | ) |  |  | (4,472 | )
Loss from subsidiaries and former VIEs |  |  | (12,490 | ) |  |  | (35,775 | ) |  |  | (15,381 | )
Net loss |  |  | (63,415 | ) |  |  | (46,041 | ) |  |  | (19,853 | )
Condensed balance sheets of the parent company
(Amounts expressed in thousands of US$ except for number of |  | Years ended December 31, |
shares and per share data) |  | 2021 |  |  | 2022 |
Cash and cash equivalents |  |  | 133 |  |  |  | 463 |
Amounts due from subsidiaries and former VIEs (note a) |  |  | 126,536 |  |  |  | 127,308 |
Others |  |  | 8 |  |  |  | — |
Total assets |  |  | 126,677 |  |  |  | 127,771 |
Accounts payable, accrued expenses and other liabilities |  |  | 1,188 |  |  |  | 397 |
Deficit in subsidiaries and former VIEs |  |  | 101,138 |  |  |  | 113,938 |
Others |  |  | 262 |  |  |  | 204 |
Amounts due to subsidiaries and former VIEs (note a) |  |  | 3,997 |  |  |  | 3,683 |
Total liabilities |  |  | 106,585 |  |  |  | 118,222 |
Total shareholders’ equity |  |  | 20,092 |  |  |  | 9,549 |
Condensed statement of cash flows of the parent company
(Amounts expressed in thousands of US$ except for number of |  | Years ended December 31, |
shares and per share data) |  | 2020 |  |  | 2021 |  |  | 2022 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net cash used in operating activities (note a) |  |  | (1,514 | ) |  |  | (1,483 | ) |  |  | (3,355 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Intercompany fund transfers |  |  | (38,598 | ) |  |  | (3,000 | ) |  |  | — |
Net cash used in investing activities (note a) |  |  | (38,598 | ) |  |  | (3,000 | ) |  |  | — |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from initial public offering, net of issuance costs |  |  | 29,904 |  |  |  | — |  |  |  | — |
Proceeds from exercise of share options |  |  | — |  |  |  | 1,284 |  |  |  | — |
Proceeds from issuance of convertible bonds |  |  | — |  |  |  | — |  |  |  | 4,735 |
Redemption of convertible bonds |  |  | — |  |  |  | — |  |  |  | (1,050 | )
Net cash generated from financing activities |  |  | 29,904 |  |  |  | 1,284 |  |  |  | 3,685 |
(Decrease)/increase in cash, cash equivalents and restricted cash |  |  | (10,208 | ) |  |  | (3,199 | ) |  |  | 330 |
Cash, cash equivalents and restricted cash at beginning of year |  |  | 13,540 |  |  |  | 3,332 |  |  |  | 133 |
Cash, cash equivalents and restricted cash at end of year |  |  | 3,332 |  |  |  | 133 |  |  |  | 463 |
Note (a): The condensed financial information of the Company for the year ended December 31, 2020 has been revised to (i) reflect a reclassification adjustment on the presentation of cash flows between the Company and its subsidiaries within the Group. Such cash flows were previously inappropriately presented under the operating activities of the condensed financial information of the Company. The condensed financial information has been revised to properly reflect the cash flows from the Company to its subsidiaries as the investing activities amounted to US$38.6 million in FY20; and (ii) reflect a reclassification adjustment on the presentation of the amount due from entities within the Group from current to non-current in nature amounted to US$123.3 million in FY20 and the amount due to entities within the Group from current to non-current in nature amounted to US$3.9 million in FY20. Management considered the revision is immaterial, the impact of the revision was eliminated in consolidation, and there is no impact on the previously reported consolidated financial position, results of operations or cash flows.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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